Bitcoin price swing from ~$11,508 on March 5, 2018 to ~$7381.50 on March 18, 2018 has been identified in this analysis as a minor wave B position. This implies a movement upwards for minor wave C.
Minor wave B terminating above the starting point of minor wave A indicates a zigzag Elliott wave structure.
Retracement of the current upswing from the March 5 low is expected to terminate between the 50% and 61.8% Fibonacci lines which is where support has been placed i.e. between $8249.10 and $8064.50.
POI (Point of invalidation of this analysis) is a price close below the 78.6% retracement ($7801.70) of the current upswing.
Common projections for the termination point of a wave “c” (based on a wave “a” of a zigzag structure) are 61.8% wave a, 100% wave a, and 161.8% wave a. The price associated with the following projections (i.e. target for minor wave C) are $10,845.48, $11,344.77 and $16,455.48 respectively.